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Is steinway´s IPO a good play
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The main goal of the thesis is to make considerations about if the company should proceed with
an Initial Public Offering (IPO) and recommend the company´s valuation. Based on the long
performance analyses, we believe the IPO is the optimal exit for the company with a final equity
valuation of $1,492 million on 31 December 2022. Regarding 1,287 US IPOs from 2002 to
2021, the study reveals an average Underpricing Discount of 11.8%. Furthermore, it was found
that being a technology company and the S&P500 return have a positive coefficient regarding
the underpricing discount, while the 1-year interest rate have a negative impact.
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Ipo Dcf valuation Multiple valuation Musical industry Luxury industry Underpricing discount Financial performance